Buying a Property in Canada
Today, more and more people are choosing Canada as the site for their second home, attracted by the country’s breathtaking sceneries, suburban lifestyle and sociopolitical stability. The rise of low cost airlines and easier travel makes Canada a great tourist destination for many. Canada’s international housing market is still young and most developers are still seeking to attract international investors from all over the globe.
Investing in Canada is more profitable if you understand the basic tax laws that apply to the real estate investment market. There is no citizenship or residency requirement when purchasing and owning a real estate property in Canada. You may temporarily occupy a Canadian residence, but you need to comply with the country’s immigration requirements if you want to extend your stay or become a permanent resident.
My team and I offer access to several mortgage products for qualified homebuyers who have already immigrated to Canada, for people who are relocating to the country for work, and for offshore citizens that would like to invest in the market.
Purchasing a Canadian Real Estate Property for Non Residents
Whether you are buying an investment property or hoping to purchase a vacation home in Canada, there are lenders that provide mortgage for non residents.
Non residents buying a Canadian property are considered eligible if they meet the following criteria:
Holds a banker’s recommendation from his or her country of origin
Proof of income (at least two years of tax returns)
Proof of down payment (35 percent of sale price)
Individuals with an acceptable credit risk
Immigrating to Canada
Today, qualified buyers who are relocated or immigrated to BC may also qualify for a mortgage for as little as a 10 percent down. Immigrants also need to meet the following criteria:
Has recently immigrated to Canada within the last two years
Possess a valid work visa or has been granted an immigrant status
Should have full disclosure of all financial obligations
At least three months employment in Canada (professionals who have been relocated from the company are exempted from this requirements
The Canadian laws are pretty liberal when it comes to real estate ownership. You don’t have to be a citizen or live in the country for you to own a property. Invest today with the guidance of real estate professionals!